Feb. 2 (Bloomberg) -- Josef Ackermann, chief executive officer of Deutsche Bank AG, said reaching a deal on losses on Greek government bonds will reduce the risk of contagion in the euro area to a “very low level.”

“Where we stand now is a net present value loss of 70 percent, that’s a really attractive offer for Greece but then a default would cost a lot more,” he said at a press conference in Frankfurt today.

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